News
News and Research
The first week of December sees heavy losses again in adviser numbers with a net change of advisers of over 120 while the net losses for the year stood at 2,062, according to Wealth Data.
Now as a standalone business, Colonial First State is investing $430 million with aspirations to be the easiest provider for advisers to do business with and will launch a new wrap platform next year.
The corporate regulator believes its guidance along with penalties will help accelerate fee-for-no service remediation payments as there is still $3.7 billion left unpaid.
In an unprecedented move, the corporate regulator has launched multiple civil penalty proceedings again the bank for matters including fee-for-no-service for deceased customers, insurance in super, and inadequate fee disclosure.
While statements of advice are a legal requirement, it creates learned helplessness and does not empower retiree clients and advisers need to help them understand how much to spend.
